Buzzing Stocks: SAIL, SBI, India Cements and other stocks in news today
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Buzzing
Info Edge share price over 1 percent slipped in early trade on June 22 a day after the company posted its March quarter earnings.
The company has posted a 60.3 percent jump in its Q4 net profit at Rs 66.7 crore versus Rs 41.6 crore in the year-ago. Revenue was down 10.2 percent to Rs 290 crore versus 322.8 in Q4 FY20.
Earnings before interest, tax, depreciation and amortization (EBITDA) was down 44.9 percent to Rs 53.1 crore and EBITDA margin was down at 18.3 percent from the year-ago quarter. Also Read
Bharti Airtel, Tata Group announce strategic partnership:
Bharti Airtel and Tata Group announced a strategic partnership for implementing 5G networks solutions for India, as per the press release.
Tata Group has developed a ‘state of the art’ O-RAN based Radio & NSA/SA Core and has integrated a totally indigenous telecom stack, leveraging the Group capabilities and that of its partners. This will be available for commercial development starting Jan 2022.
Tata Consultancy Services (TCS) brings its global system integration expertise and helps align the end-to-end solution to both 3GPP and O-RAN standards, as the network and equipment are increasingly embedded into software.
Airtel will pilot and deploy this indigenous solution as part of its 5G rollout plans in India and start the pilot in January 2022, as per the guidelines formulated by the Government of India.
Bharti Airtel was quoting at Rs 542.40, up Rs 2.90, or 0.54 percent and Tata Consultancy Services was quoting at Rs 3,312.35, up Rs 39.90, or 1.22 percent.
SBI gets central board’s nod to raise Rs 14,000 crore
The country’s largest lender SBI on Monday said its central board has approved a proposal to raise up to Rs 14,000 crore by issuing Basel-III compliant bonds. The bonds are proposed to be raised in Indian or US currency.
“The central board of the bank at its meeting held today on June 21, 2021, accorded approval for raising capital by way of issuance of Basel III compliant debt instruments in USD and/or INR during FY22,” SBI said in a regulatory filing.
State Bank of India was quoting at Rs 423.80, up Rs 4.25, or 1.01 percent on the BSE.
Ajit Mishra, VP – Research, Religare Broking:
We’re seeing consolidation in the index on the expected lines however the buying interest on every dip clearly shows the market mood. We reiterate our advice to utilise intermediate correction to go long in quality counters until we see some sign of trend reversal.
Having said that, it’s not easy to identify performers at the record high and the risk of false breakout is also there. We thus recommend limiting the naked leveraged bets and maintaining strict risk management rules.
Gainers and Losers on the BSE Sensex
Market Opens: Indian indices opened on positive note on June 22 with Nifty above 15800 supported by the better global cues.
At 09:15 IST, the Sensex was up 235.07 points or 0.45% at 52809.53, and the Nifty was up 76.00 points or 0.48% at 15822.50.
DAILY VOICE: Auto Could Be A Contra Bet! This Sector Could Surprise Over The Next 12 Months: Rajat Chandak Of ICICI Prudential AMC
One of the key risks which could play spoilsport is rising inflation. This is despite the understanding that some amount of inflation tends to be good for equities as an asset class, as it supports…
ICICI Direct
Indian markets are likely to open gap up on the back of mixed global cues as India saw administration of a record 8.5 million vaccines yesterday, fuelling hopes of a quicker economic recovery. US markets ended higher amid value buying post losses seen last week.
Market at pre-open: Benchmark indices are trading higher in the pre-opening session amid positive global cues.
At 09:02 IST, the Sensex was up 263.22 points or 0.50% at 52837.68, and the Nifty was up 59.80 points or 0.38% at 15806.30.
Asian market bounce from four-week lows, dollar pulls back
Global shares extended their recovery on Tuesday, with Asian markets bouncing from four-weeks lows as investor focus on economic growth partly offset worries about any near-term rise in U.S. interest rates.
The early momentum in the region was supported by a rally on Wall Street, with the Dow registering its strongest session in more than three months.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.35%, moving above Monday’s four-week lows and notching a 4% gain so far this year.
